Peter Schiff Says Market Moving Higher on Inflation, Federal Reserve Printing

Market commentator Peter Schiff appeared on CNBC earlier today to adress the rallying market. Schiff is known for his bearish calls on the economy and the housing bubble prior to the financial collapse in late 2008. Schiff stated that the market will probably continue to go up, but so will the price of gas and food. Schiff stated that the stock market is going up simply on inflation. Schiff stated that the stock market has got nothing to do with economy. Schiff described the real economy as "a disaster." He said that the Federal Reserve is printing enough money to make everything go up; assets are being bought with depreciated dollars. On the recent positive economic data points, Schiff dismissed them, likening them to the same data seen during the housing bubble. Schiff stated that we're buying more stuff with borrowed money. Schiff predicted that interest rates would eventually rise, and when they do, the economy will experience significant pain.